AfDB: Championing inclusive growth across Africa. A blog by the former Chief Economist and Vice-President
For the past decade, Africa has had strong growth. A new economic momentum has been created. The continent weathered the financial crisis and has bounced back. But headline economic growth is not enough. Deliberate policies to reduce inequalities and promote inclusion are now needed more than ever before. It is time to focus on what people want: decent work, a living wage, access to basic service, more democracy and accountable governments. Africa and its people aim to be a pole of growth in the decades ahead. Read more
Oil prices have remained persistently high and volatile in the past few years and according to estimates they may remain so at least until 2014. The Brent crude spot price, which averaged US $112 per barrel in 2012, is projected to remain above US $100 per barrel at an average of US $108 and US $101 per barrel in 2013 and 2014, respectively (U.S.). High oil prices may dampen the global economy which is still struggling to recover from the 2008 financial crisis.
The fifth meeting of the BRICS countries (Brazil, Russia, India, China and South Africa) held in Durban, South Africa, from March 26 to 27, 2013, was seen as an opportunity for Africa to strengthen its ties with these major emerging economies. The theme of the summit was “BRICS and Africa – partnerships for integration and industrialization” with the goal to unlock potential for cooperation between the BRICS and Africa.
Visas represent high cost in terms of money and time for the individual applying for visas, as well as missed opportunities for the local service economy and for trade. However, despite several improvements to visa legislations in Africa countries (such as in Djibouti, Mozambique and Rwanda), many immigration policies no longer respond to the present-day needs of African businesses and citizens.
Until recently, access to global financial markets was very limited for most African countries. In the 1990s, only South Africa, Morocco and Tunisia had regular access to international capital markets. However, since the latter half of the 2000-2010 decade, there has been a growing impetus for a number of countries to tap into international capital markets to raise funds for development.
Despite sustained global economic uncertainty, global sovereign wealth funds (SWF) assets have increased to USD5.16 trillion in 2012 from USD3.98 trillion in 2011. There is a strong positive association between the value of total SWF assets and commodity prices.